Yellen set to testify before House panel on Wednesday

Yellen set to testify before House panel on Wednesday
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Federal Reserve Chairwoman Janet YellenJanet Louise YellenOvernight Energy: Green group sues Trump over major environmental rollback | New fuel efficiency standard could take months to complete | Trump unveils picks for EPA, Energy deputies Coalition plan seeks to cut carbon emissions in half by 2035 On The Money: Democrats urge emergency funding for coronavirus | Kudlow says outbreak will have 'minimal impact' on economy | Top Dem demands Barr recuse himself from case against Turkish bank MORE will deliver her semiannual report on monetary policy to the House Financial Services Committee on Wednesday, a day after her scheduled Senate testimony, the panel announced on Thursday.

Yellen, who last testified on Capitol Hill in February, will appear before the House and Senate committees less than a week after the Fed decided to hold off on another interest rate increase amid concerns about the strength of the global economy. 

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She will appear before the Senate Banking Committee on Tuesday. 

The central bank on Wednesday said that while U.S. economy is moderately improving, the Fed still has some room to keep interest rates low.

A disappointing May jobs report — the economy added only 38,000 jobs last month — was a major factor in the decision to keep rates at roughly 0.25 percent. 

“Some of the factors weighing on economic growth had been expected,” Yellen said. “But the slowdown in other parts of the economy was not expected.”

The Fed said it only expects the economy to grow at a 2 percent pace, down from 2.2 percent in its March estimate.